Nifty and Stocks Weekly Update for June 2-6 - Inder Bhatia

HOURLY CHART: The Indian market closed on a green note after a choppy session. The market saw some buying in the late session due to the strong GDP numbers. The Indian GDP reported a growth of 8.8 percent for the quarter ended March 2008. The GDP growth in FY-2008 was 9 percent. For the coming session we can see upward direction to 5031, if it crosses 4934. The RSI is showing divergence on the charts. On the lower side the 4800-4770 zone will act as a strong support .

DAILY CHART: Nifty lost 1.5 percent due to a rise in inflation figures, however the market managed to close in the green. For the coming session, if Nifty manages to close above 4914, it can test 4977-5031. However, closing below 4838, it can test 4770-4625. On the daily chart, Nifty is trading near the main support zone. If it breaks the yellow trendline, it can see more selloff. For the week, 4934 is a key level to watch.


WEEKLY CHART: Nifty is still rangebound. 4650 is the support on the lower level and 5400 is resistance on the upper side.


STOCKS TO WATCH:
Buy Gujarat Alkali above 199; TGT 206 >212; Stoploss 194.50.

Sell Relcap below 1191; TGT 1156 >1143; Stoploss 1213.